| August 29, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Correction from yesterday's reference to an FOW story regarding comments from a CFTC Commissioner about the TOTSA related fine: Commissioner Pham is the one who made the statement on TOTSA, not Commissioner Christy Goldsmith Romero. My apologies for the mistake. In response to my stupid mistake, I emailed the offices of both commissioners and apologized and posted a correction to LinkedIn and Twitter. And now this correction. I hope that sets the record straight.
How tasty was the tastytrade sale to IG? Tom Sosnoff and Scott Sheridan, co-founders of Tastytrade Inc., sold approximately £65 million ($86 million) worth of shares in IG Group Holdings Plc, marking their first major sell-off since IG acquired their Chicago-based options trading business in 2021, Bloomberg reports. The sale involved 6.5 million shares, or about 1.8% of IG's total shares, to institutional investors. The transaction follows a record-high close of IG shares at 992 pence. Sosnoff - who held around 14.9 million IG shares prior to the sale - and Sheridan previously co-founded the Thinkorswim Group, which was sold for about $606 million in 2009.
Germany's stock market has had its problems in recent years, but not this year. Germany's DAX Index hit a new record, rising 0.8% on Thursday to 18,936.04 points, surpassing its previous high from May 15, Bloomberg reported. The DAX has gained 13% this year, making it one of the top-performing major Western European indexes, alongside Italy. It has significantly outperformed France's CAC 40, which has seen only a slight increase, and the pan-European Stoxx 600, which is up over 9%.
This year's rally in Germany's DAX Index has positively impacted DAX futures trading volumes at Eurex, reflecting increased investor interest and activity. According to data from Eurex, the heightened activity in the DAX Index has translated into higher trading volumes and open interest in DAX-related futures.
It is not often I get to journey into the guts of trading systems and look around, but I was asked to promote the Aeron Community MeetUp Fall RoadShow 2024. The MeetUp bills itself as "Designed for Aeron users, contributors, or anyone interested in the latest developments in high-throughput, low-latency, fault-tolerant applications."
Aeron is the global technology standard for high-throughput, low-latency, fault-tolerant trading systems, the people at Aeron say. At the MeetUp you can network with other Aeron users and contributors (an exclusive club if there ever was one), listen to real-life case studies from guest speakers and give feedback to the developers and the community. Of course, you will also enjoy some nice drinks and nibbles while participating in the Aeron chair racing. OK, I made that last part up, but I do remember Aeron chairs.
If you want to see what the NYC version of the MeetUp looked like you can watch this YouTube video.
Not all meat markets are the same and New York's is getting a big upgrade. The Hyun Premium Butcher Shop, located in Manhattan's Gramercy neighborhood, is revolutionizing the meat market by offering rare and exclusive cuts of Japanese A5 wagyu, with prices reaching up to $135 per pound, Bloomberg reports. Launched by Jae Kim in July, the shop quickly sold out of its initial stock of nearly 1,000 pounds, showcasing the high demand for its luxury meat offerings.
The shop is unique in the U.S. for importing whole, de-boned wagyu cows directly from Japan, offering up to 110 specialized cuts. Customers can purchase fresh wagyu to take home or choose curated sets wrapped in traditional Korean silk cloths, designed for gifting. Inspired by Korean barbecue traditions and popular high-end beef spots in New York, Kim's shop combines luxury presentation with exceptional quality, aiming to cater to discerning meat lovers both locally and nationwide. An e-commerce platform for nationwide delivery is expected to launch by the end of September.
Veteran journalist Lauren McAughtry is leaving Global Trader/Markets Media to join Euromoney as global head of capital markets, she shared on LinkedIn. She starts in September. We profiled McAughtry in a video interview earlier, after she had joined The Trade as editor.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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BornTec shared a post on its blog called, "Optimism with a Dash of Resignation: Derivatives Markets in Europe" by Andy Jennings. It begins, "Earlier this summer, the FIA released a survey of participants in the European derivatives markets and the findings were an interesting mix of optimism and resignation. The results reflect a healthy industry that sees global opportunities for growth along with promising new technologies to spur innovation that also recognizes the inescapable tide of rising regulatory responsibilities and cyber risks are burdens that won't ever subside. Here in the waning days of summer, let's take a look at some of the specifics before sharing a few thoughts from the perspective of BornTec." You can read the rest HERE. ~SR
Our most read stories from our previous edition of JLN Options were:
- Gary DeWaal Reflects on His Last Conference Before Retirement: Insights from Mexico from John Lothian News.
- TotalEnergies Unit to Pay $48 Million Over Alleged Gasoline Futures Manipulation from The Wall Street Journal.
- Options Point to Gains in Market That's 'Like a Beach Ball' from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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 Gary DeWaal Reflects on His Last Conference Before Retirement: Insights from Mexico JohnLothianNews.com Last week, the veteran attorney and Katten Senior Counsel Gary DeWaal headed south of the border for his final conference as an employee of an entity in the financial services space. He attended the Risk Management & Trading Conference produced by the RiskMathics Financial Institute in Mexico. Watch the video »
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The Russell 2000 Chartbook offers you the ability to drill down on the information and research you value most. Have patience as exhibit graphics may take a moment to resolve onscreen. View the report: Russell 2000 Index Quarterly Chartbook - August 2024 | LSEG
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AI is changing the world, and Nvidia's billionaire CEO Jensen Huang is banking on it
Marco Quiroz-Gutierrez - Fortune
Nvidia trumped analyst expectations for its second fiscal quarter, and CEO Jensen Huang said the company would continue its strong performance thanks to the world changing capabilities of AI. The company has profited handsomely from an AI craze that has seen tech giants pour billions of dollars into Nvidia chips to help power large language models like ChatGPT and Gemini. But doubts remain as to whether these companies are actually making money on AI, and whether they can continue their frenzied pace of spending.
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***** For the record, I own some Nvidia stock. Look for lots of hype in the coming days to diffuse the negative reaction of the stock to the recent earnings report, where revenues doubled.~JJL
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Elon Musk's Free Speech Absolutism Is Supremely Flawed; The billionaire's arguments turn the liberal ideal of a "free market in ideas" on its head.
Adrian Wooldridge - Bloomberg
Hardly a day goes by without Elon Musk trumpeting his belief in the absolute importance of free speech. He insists that "moderation is a propaganda word for censorship," that posts should only be taken down if they break the law, and that a thousand flowers should be allowed to bloom, however ugly. If the social media site that he owns, X, is going to be a public square for the world, he declares, it has to be a free-speech platform. Though Musk's posts on free speech have increased in frequency since he got into a fight with British Prime Minister Keir Starmer over X's role in the country's recent riots, there can be no doubt that they represent not only Musk's core beliefs but also those of Silicon Valley elites. In 2019, fellow tech titan Mark Zuckerberg told an audience at Georgetown University that we should "fend off the urge to define speech," and, only the other day, he said that he regretted surrendering to pressure from the Biden administration to "censor" content related to Covid-19.
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*****They had me at "Elon Musk is flawed."~JJL
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Appeals Court Raises Questions Over Section 230 Law Giving Social-Media Companies Legal Immunity; Third U.S. Circuit Court of Appeals ruled TikTok could potentially be liable for recommending "blackout challenge" video to girl who died
Alyssa Lukpat - The Wall Street Journal
A federal appeals court ruled that a mother's lawsuit could proceed against TikTok over the "blackout challenge," raising questions about a law that says social-media companies aren't responsible for the content its users post. The Philadelphia-based Third U.S. Circuit Court of Appeals revived the lawsuit Tuesday and said a lower court must redetermine if TikTok is liable for the 2021 death of 10-year-old Nylah Anderson.
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*******It looks like we are going to take a good hard look at this free speech thing.~JJL
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Wednesday's Top Three
Our top clicked item Wednesday was the registration page for FIA Expo, which returns to the Sheraton Grand Chicago Riverwalk November 18-20, 2024. Second was ICE Collaborates with Space Intelligence to Launch ICE's Commodity Traceability Service, a press release from the Intercontinental Exchange. And third was the registration page for Cboe's 2024 Risk Management Conference hosted by The Options Institute in Snowbird, Utah, from October 15-18, 2024.
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| Lead Stories | Feuding Founders of Two Sigma Hedge Fund Stepping Down; Fights between two leaders got so bad firm decided to disclose them
Gregory Zuckerman - The Wall Street Journal
The founders of mega hedge fund Two Sigma have agreed to step down as co-chief executive officers, resolving a long-running feud between the quant-trading pioneers, according to a release the firm is sending its investors. John Overdeck and David Siegel clashed over the direction of the $60 billion firm. Their disagreements got so bad the firm felt the need to disclose them.
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China's international use of renminbi surges to record highs; Closer ties with Russia bolster Beijing's efforts to use its currency more in global trade
William Sandlund - Financial Times
China's use of the renminbi in cross-border transactions has reached record highs this year, as closer ties with Russia bolster Beijing's efforts to internationalise its currency and cut dependence on the US dollar. In July, 53 per cent of China's inbound and outbound transactions used the Chinese currency, according to data from the State Administration of Foreign Exchange, up from about 40 per cent for the same month in 2021.
/jlne.ws/3Mu3ybi
Mars' $36 Billion Deal Faces Khan's 'Chocolate Oligopoly' Views
Leah Nylen - Bloomberg
Years before she became the chair of the US Federal Trade Commission, Lina Khan lamented a lack of competition in candy. Her views gain new relevance now that she leads the agency that's expected to take a tough look at whether Mars Inc. should be allowed to buy Cheez-It maker Kellanova for nearly $36 billion, the largest packaged food deal in years. The tie-up would catapult Mars into the top ranks of the industry behind Unilever Plc, PepsiCo Inc. and Nestle SA. The companies say they have "complimentary" portfolios and the transaction would help Mars expand its snack offerings beyond chocolate.
/jlne.ws/4dZCf4A
SEC Retreats From 'Swing Pricing' Mandate for Mutual Funds After Stiff Opposition; Regulator's Wed. agenda didn't include swing-pricing mandate; Mutual funds face guidance, monthly performance disclosures
Lydia Beyoud - Bloomberg
The US Securities and Exchange Commission has retreated from a plan that would have forced many mutual funds to overhaul their pricing models. The original proposal would have imposed so-called swing pricing during periods of high redemptions, making it costlier for investors to cash out when markets are roiled. It drew strong opposition not only from the industry but also from Democratic lawmakers who warned the measure could impose heavy burdens on investors saving for their retirements. More than 60% of 401(k) plan assets are held in mutual funds.
/jlne.ws/4g4gHFJ
US SEC poised to require monthly reports on investment fund holdings
Reuters
Wall Street's top regulator is set to approve new rule changes on Wednesday that require mutual funds and exchange-traded funds to report portfolio holdings on a monthly basis rather than four times a year, bringing greater transparency to investors, officials said. The five-member U.S. Securities and Exchange Commission is due to hold a public meeting at 10:00 am Wednesday. However, in a retreat from earlier plans, the agency will not consider more substantial proposed "swing pricing" regulations which have faced stiff industry opposition.
/jlne.ws/3MnuZnf
Chinese leverage has crept up to a new record
Robin Wigglesworth - Financial Times
China's ballooning debt burden has been an enduring bogeyman for over a decade. Efforts to restrain it are failing. After expanding rapidly - to 262 per cent of GDP by the end of 2016 - the authorities worked hard to contain things, slowing the growth in 2017 and then even managing a slight decline in 2018-19. Then Covid-19 wrecked this modest progress, and after a burst of deleveraging in 2021, China's overall non-financial debt-to-GDP ratio is back at a new record and approaching 300 per cent, according to Goldman Sachs.
/jlne.ws/4cNwZQx
The US mortgage rate whiplash
Robin Wigglesworth - Financial Times
The Federal Reserve might not have actually cut interest rates yet, but as far as US housing is concerned, the fabled pivot has already started. And it's seismic. With the 30-year Treasury yield sliding from a high of over 5 per cent last October to nearly 4 per cent this month, US mortgage rates have tumbled from nearly 8 per cent to about 6.5 per cent. That is one of the biggest improvements in affordability in the past four decades, according to Morgan Stanley, and probably the biggest mortgage rate whiplash in history (zoomable version):
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The standoff over separate account margining CFTC issues sixth extension of no-action relief as long-awaited final rule stalls
Janice Kirkel - Risk.net
Listen closely and you might hear the tinny rattle of a can being kicked, and kicked, and kicked down the road. On June 24, the US Commodity Futures Trading Commission issued the latest extension of its no-action letter on the ring-fencing of separate accounts belonging to the end-investor for margin purposes, leaving the relief in place until June 30, 2025 or the effective date of a final rule dealing with the issue. The no-action relief - set forth in CFTC Letter 19-17 - was initially granted on
/jlne.ws/3T3tCOr
Exclusive: US government funding yielded hundreds of patents for China-based researchers
Michael Martina - Reuters
The U.S. Defense Department, NASA and other government agencies funded research that led to more than 1,000 U.S. patents for China-based inventors since 2010, including in sensitive fields such as biotechnology and semiconductors, data from the U.S. patent agency showed. The U.S. patent data, which was reviewed by Reuters and has not been reported previously, will amplify calls to cancel or renegotiate the landmark U.S.-China Science and Technology Agreement, a cooperation deal that critics say disproportionately benefits Washington's top geopolitical rival.
/jlne.ws/4e2txSW
Star Fund Manager's Free Rein at Wamco Backfired for Franklin; The $380 billion bond shop's lead investor is under SEC investigation and investors are fleeing, raising questions about the parent company's oversight.
Silla Brush, Loukia Gyftopoulou, and Michael Mackenzie - Bloomberg
No one was more acutely aware of the perils of celebrity fund managers than Jenny Johnson, the chief executive officer of Franklin Resources Inc. "Clients get nervous about star fund managers," she said in 2020, shortly after the acquisition of Legg Mason Inc. pushed Franklin's assets to $1.4 trillion, making it one of the world's biggest fund companies. The deal brought a slew of new managers under Franklin's umbrella, the largest among them Western Asset Management and veteran Chief Investment Officer Ken Leech - a star in his own right.
/jlne.ws/4e2ONIA
Chicago Options Entrepreneurs Net Millions From IG Stock Sale; Sosnoff, Sheridan sell shares gained in 2021
Joe Easton - Bloomberg
Tom Sosnoff and Scott Sheridan sold about £65 million ($86 million) worth of IG Group Holdings Plc shares in the first big selldown since their Chicago-based options-trading business was bought by the British firm three years ago. The Tastytrade Inc. co-founders offloaded 6.5 million IG shares to institutional investors, representing about 1.8% of the existing shares, according to a statement. The deal was announced after shares closed at a record-high of 992 pence on Wednesday. The stock dropped 2.2% on Thursday, trimming its year-to-date gain to 27%.
/jlne.ws/4fWkdls
Appital adds pre-trade price discovery capability to boost natural buy-side liquidity; New offering is intended to allow buy-side traders to access liquidity at market levels, or outside of the spread, before committing to a bookbuild.
Annabel Smith - The Trade
Buy-side book-building platform Appital has moved to expand its pre-trade price discovery capabilities to allow for greater natural liquidity amongst its buy-side clients. Named Price Discovery in Appital Insights, the tool allows buy-side users to invite select feedback on live orders in order gain insights on potential pricing and volume before committing an order to a bookbuild or before launching a bookbuild themselves.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia faces 'difficult fight' to retake Ukraine-held area, says top US spy
Jonathan Landay - Reuters
Russian President Vladimir Putin will mount a counteroffensive to try to retake territory in the Kursk region captured by Ukrainian troops, but Russian forces will encounter "a difficult fight," Deputy CIA Director David Cohen said on Wednesday. Cohen told a national security industry conference that the significance of the Ukrainian incursion, which has overrun some 300 square miles (777 square km) of the Russian province, remained to be seen.
/jlne.ws/4d16zLr
Russian economy shows solid growth despite Ukraine war sanctions
Reuters
The Russian economy has shown solid growth in many sectors while unemployment remains at a record low, new data showed on Wednesday, prompting officials to hint at a brighter outlook for the year despite Western sanctions over the war in Ukraine. Driven by military production, industrial output rose by 3.3% in July compared with a 2.7% increase the previous month, and by 4.8% since the start of the year, compared with 3.1% growth in the same period in 2023.
/jlne.ws/3XmTes9
Ukraine's Kursk incursion tests young Russian conscripts' mettle
Lucy Papachristou, Mark Trevelyan and Filipp Lebedev - Reuters
The last time Liana spoke to her husband Husain before he was captured by Ukrainian troops, he said what he always told her: "Everything is fine." Husain, a 21-year-old conscripted soldier, was dispatched with his Russian army unit in mid-July to a base in the western Kursk region that he said was nine miles (15 km) from the frontier with Ukraine.
/jlne.ws/3AKRbW0
Ukraine's long-range drones using Western tech to hit Russia
Jonathan Beale - Defence correspondent and Thomas Spencer - BBC News
Western technology and finance are helping Ukraine carry out hundreds of long-range strikes inside Russia. That is despite Nato allies still refusing to give Ukraine permission to use Western-supplied munitions to do so - mostly because of fears of escalation. Ukraine has been stepping up its long-range strikes inside Russia over the past few months, launching scores of drones simultaneously at strategic targets several times a week. The targets include air force bases, oil and ammunition depots and command centres.
/jlne.ws/3z97ds5
Russia launches a heavy missile and drone bombardment of Ukraine for the third time in 4 days
Illia Novikov - Associated Press
Russia conducted a heavy aerial attack on Ukraine for the third time in four days Thursday, again launching missiles and scores of drones that mostly were intercepted, Ukraine's air force said. Russian forces fired five missiles and 74 Shahed drones at Ukrainian targets, an air force statement said. Air defenses stopped two missiles and 60 drones, and 14 other drones presumably fell before reaching their target, it said.
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Fighting rages in Gaza as Palestinians hope for a pause for polio vaccinations
Nidal Al-Mughrabi and Mohammad Salem - Reuters
Palestinians in Gaza were waiting on Thursday to see if there would be a pause in fighting to allow a polio vaccination campaign to begin, as the conflict raged across the besieged enclave, killing at least 34 people. The United Nations is preparing to vaccinate an estimated 640,000 children in Gaza, where the World Health Organization confirmed on Aug. 23 that at least one baby has been paralysed by the type 2 poliovirus, the first such case in the territory in 25 years.
/jlne.ws/3z0ImGV
Israel's Military Says It Killed Five Gunmen Hiding in West Bank Mosque; Israeli forces are engaged in a major operation targeting militants in the Palestinian territory
Jared Malsin - The Wall Street Journal
Israel's military said Thursday it killed five Palestinian gunmen, including a militant leader, who were hiding in a West Bank mosque, as Israeli forces pressed a major operation targeting militants in the Palestinian territory. The armed forces launched air-and-ground raids overnight Tuesday centering on the cities of Jenin and Tulkarem. The Israeli military said the operation is aimed at preventing terrorist attacks originating from the West Bank. It comes amid heightened fears that the Palestinian territory could become a third front for Israel as it fights Hamas militants in Gaza and exchanges fire with Lebanon's Hezbollah movement.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Philippine Stock Exchange plans first derivatives in 2026
Luke Jeffs - FOW
The Taiwan group and the Philippine exchange have signed a memorandum of understanding to develop the infrastructure to launch derivatives and establish best practices in areas such as operations and governance
/jlne.ws/4g5xeJr
EBS Market on CME Globex Notice: August 29, 2024
CME Group
/jlne.ws/3Z2tyCa
Concentration Risk
HKEX
With effect from the commencement of trading on Monday, 2 September 2024, the following
product(s) will be combined into different product group for the purpose of Participant's
concentration risk assessment: Hang Seng Index (HSI) Futures & Hang Seng China Enterprises Index (HSCEI) Futures Product Group:
MSCI India Net Total Return (USD) Index
MSCI India (USD) Index
/jlne.ws/474rYBI
Reminder - NYSE Equities - Proprietary Market Data Feeds Changes
NYSE
As previously announced, all equities Proprietary Market Data Feeds will change the feed start time to 2:00 a.m. ET. Currently, the feed start time for the NYSE, NYSE American, NYSE Arca, NYSE Chicago and NYSE National markets is at 12:15 a.m. ET with publication coming shortly afterward.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Nvidia earnings now rival US jobs report for impact on markets
Rafe Uddin - Financial Times
Nvidia's earnings have become as important for US markets as key economic data, according to analysts, as the chipmaker prepares to announce quarterly results that will allow investors to gauge the health of the artificial intelligence boom. The benchmark S&P 500 closed 0.6 per cent lower and the tech-heavy Nasdaq Composite shed 1.1 per cent on Wednesday, ahead of the company's second-quarter results due after the market's close. Nvidia closed down 2.1 per cent at $125.61.
/jlne.ws/4g2Aaqq
ASML's China Chip Business Faces New Curbs From Netherlands; Huawei, SMIC rely on ASML machines for advanced chipmaking; China cannot replicate ASML's advanced lithography systems yet
Cagan Koc and Jenny Leonard - Bloomberg
The Netherlands plans to limit ASML Holding NV's ability to repair and maintain its semiconductor equipment in China, a potentially painful blow to Beijing's efforts to develop a world-class chip industry. The government of Prime Minister Dick Schoof will likely not renew certain ASML licenses to service and provide spare parts in China when they expire at the end of this year, according to people familiar with the matter. The decision is expected to cover the company's top-of-the-line deep ultraviolet lithography, or DUV, machines, said the people, asking not to be named discussing sensitive government decisions.
/jlne.ws/3TasLLP
US Tech Is Holding Back Some AI Products From Europe; Meta and Apple are not launching key AI products on the continent, citing the regulatory atmosphere. But we've seen this move before.
Mark Bergen - Bloomberg
To hear US tech companies tell it, the artificial intelligence technology that they're developing will change how people around the world live, work and play. Just maybe not people in Europe. At least for now, Europeans won't get the latest advanced features on Apple Inc.'s iPhones. Meta Platforms Inc. also hasn't included the continent in the release of its most powerful AI model, which the tech giant has been promoting as a way for other businesses to make their own AI products. The moves this summer came about a year after Sam Altman, OpenAI's chief executive officer, caused a stir by saying the company might leave Europe if the regulatory regime there became unworkable.
/jlne.ws/3AHsae9
OpenAI in talks to raise fresh funds at a valuation of more than $100bn; Discussions could pave the way for a fresh injection of billions of dollars into ChatGPT maker; OpenAI was most recently valued at $86bn
George Hammond - Financial Times
OpenAI is in talks to raise billions of dollars at a valuation of more than $100bn, as the ChatGPT maker looks to capitalise on its early lead in the booming artificial intelligence sector. The San Francisco-based company is talking to venture capital firms including Thrive Capital, which is set to invest $1bn and lead the round, as well as other investors, according to two people with knowledge of the situation. Terms for the new financing have not been finalised, added the people, but the deal is expected to raise billions of dollars and value the company at more than $100bn, a significant step up from OpenAI's current $86bn valuation.
/jlne.ws/3T7iQXk
Yelp Sues Google in Wake of Landmark Antitrust Ruling on Search
Julia Love - Bloomberg
Online review site Yelp Inc. filed a lawsuit alleging that Google has illegal monopoly power in local search, in a sign of the legal headaches that may await the search giant following the US government's landmark antitrust victory against the company.
/jlne.ws/4dFruop
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| Cybersecurity | | Top stories for cybersecurity | Secret Service Puts $2.5 Million Bounty On Most Wanted Hacker's Head;
Davey Winder - Forbes
The United States Secret Service has placed a huge bounty of up to $2,500,000 for information leading to the arrest and conviction of a single suspected hacker. The accused cybercriminal, named by the Secret Service as Volodymyr Iuriyovych Kadariya, is a 38 year old Belarusian national charged with conspiracy to commit wire fraud, conspiracy to commit computer fraud, and two counts of substantive wire fraud. The charges revolve around a number of offenses concerning the use of a malware exploit kit known as Angler. This was used, the now unsealed indictment alleged, to distribute malicious adverts to millions of computers between 2013 and 2022.
/jlne.ws/4g5jFK7
Chinese hackers exploited bug to compromise internet companies, cybersecurity firm says
Raphael Satter - Reuters
A Chinese hacking group exploited a software bug to compromise several internet companies in the United States and abroad, a cybersecurity firm said on Tuesday. Researchers at the firm Lumen Technologies said in a blog post that the hackers took advantage of a previously unknown vulnerability in Versa Director - a software platform used to manage services for customers of Santa Clara, California-based Versa Networks. It said four U.S. victims and one Indian victim had been identified, although it declined to identify them.
/jlne.ws/3XnyWyE
2024 Internal Audit Priorities Survey Reveals Technology and Cybersecurity as Top Concerns Amidst Rising Generative AI Adoption
Jefferson Wells via PR Newswire
Jefferson Wells, a leading professional services firm specializing in Finance & Accounting, Internal Audit, Risk & Compliance, and Tax, and part of the ManpowerGroup (NYSE: MAN) family of brands, released the results of its eighth annual Internal Audit Priorities Survey. The survey reveals that while cybersecurity remains the top risk, the rise in the usage of Generative AI tools is escalating in risk priority for IA leaders and audit committees. Despite this, only 26% of organizations have fully integrated Generative AI standards into their governance framework, indicating a need for more comprehensive controls.
/jlne.ws/3Z3D4oT
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| Cryptocurrencies | | Top stories for cryptocurrencies | BlackRock unveils ethereum ETF in Brazil
Sabrina Toppa - The Street
BlackRock, the world's largest asset manager, has launched its new ethereum exchange-traded fund (ETF) on B3, one of the top exchanges in Latin America, to meet growing investor demand for cryptocurrency in a region with high adoption rates. The new ethereum ETF began trading on Wednesday under the ticker name ETHA39 and was launched through a Brazilian depositary receipt. Management fees for the new fund will echo those charged in the U.S., running at 0.25% every year. However, during the fund's initial year - or until the ETF amasses $2.5 billion worth of assets under management - BlackRock is levying a discounted fee of just 0.12%.
/jlne.ws/4g2AdT8
Hong Kong's launch of wCBDC sandbox takes it closer to tokenised market
South China Morning Post
Hong Kong's de facto central bank on Wednesday launched a sandbox for wholesale central bank digital currency (wCBDC), with six participants showcasing projects to bring the city closer to tokenised money to using digital asset transactions. The launch comes five months after the Hong Kong Monetary Authority (HKMA) announced Project Ensemble, a pilot to facilitate seamless interbank settlement of tokenised money via wCBDC. This was followed by the setting up of an architecture community in May that led to the launch of the sandbox.
/jlne.ws/3MmJs2L
Crypto VC Investors Embraced Telegram Token, Then CEO Tumult Hit
Suvashree Ghosh, Ryan Weeks, and Emily Nicolle - Bloomberg
The detention of Telegram founder Pavel Durov is reverberating through the crypto venture capital sector, where some of the biggest players have invested in a digital token closely linked to the messaging app. Pantera Capital Management, Animoca Brands and Mirana Ventures are among more than a dozen firms that invested in Toncoin, whose blockchain is being used on Telegram to handle things like instant payments. Pantera, one of the largest crypto VC funds, put more than $100 million into Toncoin earlier this year, a person with knowledge of the matter said.
/jlne.ws/4g7SpuH
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| Politics | | An overview of politics as it relates to the financial markets | California Advances AI Safety Bill That Has Divided Tech Leaders
Shirin Ghaffary - Bloomberg
California's state Assembly approved a controversial artificial intelligence safety bill that requires companies to make sure their technology doesn't cause major harm. The bill, SB 1047, has drawn both criticism and praise from a series of national figures. It now moves back to the state Senate for a confirmation vote and possible amendments, before reaching Governor Gavin Newsom. The legislation passed the state Assembly with 41 votes in favor and 9 against.
/jlne.ws/473n2gs
US senator presses Intel CEO on chips award after job cut plan
David Shepardson - Reuters
Republican Senator Rick Scott on Wednesday asked Intel CEO Pat Gelsinger for more details on the company's plans to cut more than 15,000 jobs despite being set to receive nearly $20 billion in U.S. grants and loans to boost chip production. In a letter seen by Reuters, Scott questioned if the Commerce Department's planned awards had failed "to include real metrics that would protect taxpayer dollars from going to companies that could not meet high standards for U.S. manufacturing and job creation."
/jlne.ws/3MocSgT
Republicans worry Donald Trump's campaign strategy against Kamala Harris is failing; Former president struggles to find effective way to counter Democratic candidate's momentum
James Politi, Steff Chávez and Alex Rogers - Financial Times
Donald Trump is facing doubts from Republicans, including strategists and donors, about his plan to win back the White House as they fret he will be unable to recover the momentum lost to Kamala Harris in recent weeks. Republicans are not panicking about Trump's chances but are anxious about his failure to mount effective attacks on the vice-president and his embrace of fringe politicians such as Robert F Kennedy Jr and Tulsi Gabbard.
/jlne.ws/3Mrpggi
Analysis-UK reshapes its AI strategy under pressure to cut costs
Martin Coulter - Reuters
Britain's Labour government is drawing up a new, cost-cutting artificial intelligence strategy ahead of a crunch autumn budget - prioritising public sector adoption of the technology over direct investment into industry. Since taking office in July, Prime Minister Keir Starmer's government has been reviewing the costs of AI. It has already scrapped a planned 1.3 billion pounds' ($1.72 billion) worth of investment in related technologies - drawn up by the previous Conservative government - including an 800 million pound investment promised to develop a supercomputer at the University of Edinburgh.
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Swiss banker says super-rich tax proposal is 'nuclear bomb' for Switzerland
Reuters
A tax on the super-rich pitched by the youth wing of one of Switzerland's main political parties is "extremely dangerous" for the country, a top Swiss banker said on Wednesday, pointing to widespread concern it had sparked among clients. The initiative by the Young Socialists (JUSOs), the youth arm of Switzerland's leftist Social Democrats (SP), proposes levying a 50% tax on inheritances and gifts above 50 million Swiss francs ($59.30 million).
/jlne.ws/3T85v0O
Russia bans entry to 92 US journalists, lawyers, business people
Reuters
Russia's foreign ministry on Wednesday said it was banning entry to Russia for 92 U.S. citizens including journalists, lawyers, and the heads of what it said were key military-industrial firms over what it described as Washington's Russophobic stance. The war in Ukraine has triggered the worst crisis in Moscow's relations with the United States since the depths of the Cold War. On Tuesday, Russia said the West was playing with fire by considering allowing Ukraine to strike deep into Russia with Western missiles. The list, published on Telegram by the ministry, included 14 Wall Street Journal employees, five senior journalists from the New York Times and four from the Washington Post.
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****SR: Here is The Wall Street Journal's version of that story.
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| Regulation & Enforcement | | Stories about regulation and the law. | UK Set to Delay Bank Capital Reforms Until at Least January 2026; Government wants to align timetable for rule changes with US; Announcement is likely to be made in the coming days
Laura Noonan, Harry Wilson, and William Shaw - Bloomberg
The UK's top financial regulator is set to delay the next wave of bank capital reforms, according to people with knowledge of the situation, the latest example of a major global rulemaker abandoning its timetable for the changes until the US finalizes its package. The Bank of England is poised to announce in coming days that it will postpone its entire package until January 2026 at the earliest as it monitors international developments, the people said, asking not to be identified discussing information that isn't public.
/jlne.ws/4cFuGPu
'Obscenely greedy' oil executives handed Swiss jail terms for role in 1MDB fraud; Former PetroSaudi chief Tarek Obaid and right-hand man Patrick Mahony found responsible for embezzling $1.8bn
Sam Jones - Financial Times
A Swiss court has sentenced two former PetroSaudi executives to lengthy jail terms for their roles in the collapse of Malaysia's sovereign fund 1MDB, in one of the biggest frauds of all time. Tarek Obaid, the ex-chief executive of Geneva-based oil production company PetroSaudi, and his right-hand man Patrick Mahony were found on Wednesday to have been responsible for embezzling more than $1.8bn from 1MDB. They were also found guilty of almost 600 acts of money laundering, in which they sought to disguise the stolen origins of more than $12bn for the fraud's alleged mastermind Jho Low and accomplices.
/jlne.ws/3MqYi8q
FINRA's R&D Program Explores Emerging and Innovative Technologies
Ivy Ho - FINRA
FINRA's Research and Development (R&D) program is an innovation engine for FINRA - a sandbox for staff to take risks, explore new and disruptive technologies, assess potential usefulness to FINRA use cases, as well as investigate and test solutions to known problems. The program invites interested participants to engage in a framework for collaboration and experimentation, aimed at accelerating emerging technology adoption across the enterprise. This is done through the open submission of ideas, which are then reviewed, prioritized and refined. The ideas with the most innovative and potential significance are then funded as three-to-six-month long R&D projects.
/jlne.ws/3MoFTcp
SEC Adopts Reporting Enhancements for Registered Investment Companies and Provides Guidance on Open-End Fund Liquidity Risk Management Programs
SEC
The Securities and Exchange Commission today adopted amendments to reporting requirements on Form N-PORT to provide the Commission and investors with more timely information about certain registered investment companies (funds). Form N-PORT reports provide important information about a fund's portfolio holdings and related information to help assess a fund's risks. The amendments will provide the Commission with timelier information about funds' portfolio investments, which will promote more effective regulatory monitoring and oversight of the fund industry for the benefit of fund investors. The amendments also will triple the amount of Form N-PORT data available to investors in a given year, enhancing investors' ability to review and monitor information about their funds' portfolios.
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Retail Investors Deserve More Timely Access to Fund Portfolio Data
Commissioner Jaime Lizárraga
SEC
Under current rules, registered investment companies, a $28 trillion industry of largely mutual funds and exchange-traded funds, provide the Commission and investors with periodic portfolio holdings data. The Commission relies on this data to assess trends and risks, and to support its rulemaking, examination, and enforcement efforts.
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Statement on Form N-PORT Amendments
Chair Gary Gensler - SEC
Today, the Commission is considering amendments to reporting requirements for registered mutual funds, closed-end funds, and exchange-traded funds ("funds"). I am pleased to support this adoption because it will benefit investors through greater transparency of funds' investment portfolios and improve the Commission's oversight of the asset management industry. Adam Smith, known as the father of modern economics, noted in The Wealth of Nations more than 200 years ago that the whole economy benefits when the price of information is lowered, or information is free. Smith's maxim is relevant every day in our modern capital markets.
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Statement on Form N-PORT and Form N-CEN Reporting Amendments; Guidance on Open-End Fund Liquidity Risk Management Programs
Commissioner Mark T. Uyeda - SEC
Thank you, Chair Gensler. The recommendation before the Commission is to adopt certain changes to Form N-PORT and Form N-CEN and to provide guidance to funds on certain aspects of their liquidity risk management programs. Form N-PORT was adopted in 2016 and made important changes to the information collected by the Commission about funds.[3] Form N-PORT requires funds to report individual portfolio holdings, risk metric calculations, and other information.[4] Currently, funds file Form N-PORT for each month in a fiscal quarter within 60 days of the end of that quarter. The third month of each fiscal quarter is made available to the public, while the first and second months remain confidential.
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Statement on Amendments to Forms N-PORT and N-CEN Reporting and Guidance on Open-End Fund Liquidity Risk Management Programs
Commissioner Caroline A. Crenshaw - SEC
Today the Commission addresses several important matters. Most prominently, we update Form N-Port. N-PORT collects core information from registered investment companies about funds and their portfolio holdings - including information about counterparty and sector exposure, liquidity, volatility risk, leverage, and net asset value.[3] It provides the Commission with critical data, especially in times of market stress. The problem with the Form as it exists right now is the infrequency of reporting.
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Too Short to Report: Statement on Adoption of Form N-PORT and Form N-CEN Reporting; Guidance on Open-End Fund Liquidity Risk Management Programs
Commissioner Hester M. Peirce - SEC
Thank you, Chair Gensler, and good morning. When the market's green arrows flip upside down and turn an alarming red, the demand for explanations and information is immediate. Common questions for the SEC are which funds will be affected and how significantly? We saw such calls for data and real-time analysis at the onset of the financial crisis, the COVID-19 pandemic and government response, and Russia's invasion of Ukraine. As one who seeks answers in times of market stress, I am sympathetic to one of the stated goals of today's rulemaking: ensuring the Commission can conduct informed analysis on funds' portfolios as contemporaneous to the events as possible. But the Commission oversells the benefits of today's amendments and gives too little attention to the costs, perhaps because the Commission failed genuinely to seek needed public input on these changes. Accordingly, I cannot support this rulemaking.
/jlne.ws/4g42ubS
SEC Charges Private Equity Firm and Managing Partner with Offering Fraud
SEC
The Securities and Exchange Commission today announced charges against Bernardo Mendia-Alcaraz and his private equity firm, Toltec Capital LLC, for conducting fraudulent and unregistered securities offerings.
/jlne.ws/3MplFzh
CLSA pays penalty for providing incorrect regulatory data
ASIC
CLSA Australia Pty Limited has paid a penalty of $144,300 to comply with an infringement notice given by the Markets Disciplinary Panel (MDP) for failing to provide correct regulatory data to the relevant Market Operator. The MDP also had reasonable grounds to believe that CLSA failed to give post trade confirmations to its clients and immediately report off-market transactions.
/jlne.ws/3Xomjn5
Markets increasingly sensitive after strong performance in early 2024
ESMA
/jlne.ws/4cNzUbX
FSA Weekly Review No.600
FSA
/jlne.ws/3X8yRh1
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Buffett's Berkshire Hathaway Tops $1 Trillion in Market Value; Firm became first US company outside tech to reach milestone; Shares have outperformed the S&P 500's gains in 2024
Bre Bradham - Bloomberg
Berkshire Hathaway Inc. became the first US company outside of the tech sector to surpass $1 trillion in market value. Shares of Warren Buffett's conglomerate rose as much as 0.8% on Wednesday to push its market capitalization above the trillion-dollar mark for the first time. The stock has rallied this year on strong insurance results and economic optimism. The Omaha, Nebraska-based company joins the ranks of a small group to crack the milestone, dominated by technology giants like Alphabet Inc., Meta Platforms Inc. and Nvidia Corp.
/jlne.ws/471B2HH
Pre-market trades blamed for record Vix surge
Faye Kilburn and Helen Bartholomew - Risk.net
The US equity volatility market witnessed one of its wildest - and arguably weirdest - swings ever on August 5. The Cboe Volatility Index, a measure of the implied volatility of the S&P 500, surged 180% to an intraday high of 65.7 in pre-market trading that morning - the biggest one-day spike in its 30-year history - before retracing to 38.57 by the close.
/jlne.ws/3Z3D87N
Iron Ore's 'irrational' rally past $100 triggers warning from Chinese media
Bloomberg
Iron ore has jumped by about 10% in 10 days to breach $100 a ton, prompting the official journal of China's metals industry to pen a long article on why the gains are overdone. The steelmaking material has powered higher in the face of a barrage of downbeat commentary on prospects for Chinese demand - including from top global iron ore miner BHP Group Ltd. The advance is piling pressure on China's struggling steelmakers, according to state-affiliated China Metallurgical News.
/jlne.ws/4e4CE5Y
76-Year-Old Retired Lawyer Unknowingly Helped Scammers Drain His $740,000 Nest Egg - Adding Insult To Injury, He's Now Got A $285,000 Tax Bill
Ivy Grace - Benzinga
Barry Heitin, a 76-year-old retired lawyer, never imagined becoming the victim of a sophisticated financial scam that would drain nearly all of his retirement savings. His story, shared in the New York Times, unfolds with the drama of a Hollywood thriller, raising critical questions about the vigilance of financial institutions in protecting their clients' assets.
/jlne.ws/4dGIuKL
This 2008 Trade Is Back Under a New Name; Fast-growing "return stacking" exchange-traded funds are offering "portable alpha" layering to the masses.
Eric Balchunas - Bloomberg
The idea of using leverage to layer one investment return, say equities, on top of another, say a managed futures strategy, is something institutional investors have been doing for decades under the term "portable alpha." Now a suite of young, fast-growing exchange-traded funds have come along-they're called "return stacking" ETFs-and they're offering such layering to the masses.
/jlne.ws/3XoCEbt
Rigs Drilling 57 Miles a Year Spur Record US Oil Output Forecast; Macquarie sees 2024 production of 13.9 million barrels a day; Laterals have grown longer as drillers seek higher efficiency
Lucia Kassai - Bloomberg
Oil rigs in the Permian and Bakken basins of the US are producing at the most efficient rates in about 13 years, leading Macquarie Group analysts to predict the country's crude production will top most consensus views. Rigs in the Midland basin of Texas and New Mexico drilled an average of 47 miles of horizontal lateral wells in the year ending in June. That's close to a record in data going back to 2011, Macquarie estimates. In the more mature Bakken formation of North Dakota, the drilled average is also a record of 57 miles on a trailing four-quarter basis.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Banks give credit risks an ethical makeover to sell to ESG investors; Demand for specialised sustainable credit products has risen sharply but there is no agreed definition
Lee Harris - Financial Times
The big banks of the world have been using clever financial wheezes to offload credit risk for decades. Now they are giving some of these products a makeover in the hope of attracting ethically minded investors. In significant risk transfers (SRTs), also known as credit risk transfers, investors assume some of the default risk on a portfolio of loans, in return for regular interest payments. This reduces the equity levels banks need to maintain against these loans, potentially enabling bigger cash payouts to shareholders or for more loans to be made.
/jlne.ws/4dMPxBW
European Gas Trading Signals Commitment to Fuel for Longer; First 2033 Dutch futures traded on exchange last week: ICE; Move signals growing conviction that gas demand will persist
Priscila Azevedo Rocha - Bloomberg
European gas traders are bidding into longer-term contracts with a view that fuel demand will remain elevated well into the 2030s, even as the region transitions to renewables. The Intercontinental Exchange Inc. registered its first trade of Dutch gas futures for 2033 last Friday, according to an ICE spokesperson. That means trading of Europe's gas benchmark has now extended all the way to that year. While one of this year's dominant trades has been to hedge against swings caused by short-term price volatility, going long signals a view among some traders that gas demand is set to persist for the foreseeable future.
/jlne.ws/4cKNo88
The US Appetite for Electricity Grew Massively in the First Half of 2024, and Solar Power Rose to the Occasion
Dan Gearino - Inside Climate News
The United States increased its electricity generation from utility-scale solar power by nearly one-third in the first half of this year compared to the same period last year. Despite that considerable increase in solar, the climate benefits of this growth were undermined by a rapid rise in electricity demand, which was met in large part by an increase in generation from fossil fuels.
/jlne.ws/3yXU3y6
Quarter of China's energy now comes from non-carbon sources: white paper
AFP
A quarter of all the energy China consumes now comes from non-carbon sources, according to research published Thursday, as Beijing rapidly pivots its huge economy to a greener footing. The country is the world's largest emitter of greenhouse gases, though has in recent years emerged as a global leader in renewable energy. It has pledged to bring its emissions of planet-warming carbon dioxide to a peak by 2030 and to net zero by 2060.
/jlne.ws/3ARGH6Z
Tennessee pioneers a path to a sustainable future by growing nuclear energy capabilities
Randy Boyd - The Tennessean
Having worked in economic development, public service, and now academia, I've witnessed firsthand the power of innovation to address the pressing challenges facing our nation. From my roles as a former Tennessee Commissioner of Economic Development, to serving as president of the University of Tennessee System, to chairing the UT-Battelle Board overseeing Oak Ridge National Laboratory, I've seen how strategic investments in science and technology can transform communities and drive economic growth, not just in Tennessee but across the country.
/jlne.ws/4drVq7w
Ludacris sparks alarm by drinking unfiltered Alaska glacier water; Glaciologist says 'he's totally fine' after video of rapper tasting water goes viral and viewers warn of contamination
Associated Press via The Guardian
/jlne.ws/3X2kFWN
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | HSBC wealth chief leaves as new CEO Elhedery shakes up team
Sinead Cruise and Lawrence White - Reuters
HSBC's Wealth and Personal Banking chief Nuno Matos is leaving the Asia-focused bank, one of several significant changes in its leadership on the eve of Georges Elhedery starting as CEO. Barry O'Byrne, who heads the lender's commercial banking business, will replace Matos, the company said on Thursday. Matos was among the internal candidates vying to take over as CEO, missing out to chief financial officer Elhedery last month, sources told Reuters at the time.
/jlne.ws/4cKHaVO
Goldman Sachs wins challenge to Federal Reserve over stress tests; Capital requirements cut after first successful appeal by a US lender against central bank's annual assessment
Brooke Masters - Financial Times
Goldman Sachs has become the first US bank to successfully challenge the Federal Reserve over its stress tests and win a cut to its capital requirements as a result. Goldman will be required to hold common equity equal to 13.7 per cent of its risk-weighted assets (RWA), instead of the 13.9 per cent the Fed initially proposed. Since the 2008 financial crisis, the Fed has run big bank balance sheets through an annual series of economic doomsday scenarios. It then uses the results to determine how much capital each lender needs to absorb potential losses.
/jlne.ws/3Z5X1eM
Geneva's Oldest Private Bank Slams Inheritance Tax Proposal
Myriam Balezou and Jan-Henrik Foerster - Bloomberg
One of Banque Lombard Odier & Cie SA's top bankers criticized a controversial proposal for an inheritance tax on the super-rich, saying it could trigger an exodus of wealthy families even before it's put to a vote. The initiative by the youth wing of the country's Social Democratic Party calls for a 50% tax on inheritances worth more than 50 million francs ($59 million). Under Switzerland's system of direct democracy, the proposal is expected go to a national vote in about two years.
/jlne.ws/4dH0tka
TD Securities names new head of European cash equities; Individual was most recently head of sales trading at Cowen and Company; previously worked at Deutsche Bank, and HSBC Securities.
Claudia Preece - The Trade
Carl Hayes has been named head of European cash equities at TD Securities, having most recently worked as head of sales trading at Cowen and Company. In the role, Hayes will report to Sharon Kim, executive managing director and head of Europe.
/jlne.ws/477NTs3
Bill Ackman seeks to revive IPO with sweeteners for investors; US fund relaunch could include right to buy extra shares or stock in billionaire's hedge fund
Costas Mourselas and Ortenca Aliaj - Financial Times
Bill Ackman is seeking to resurrect the initial public offering of Pershing Square USA by offering sweeteners to early investors, as the billionaire tries to address one of the key stumbling blocks to the float. The hedge fund manager has sounded out backers about a structure that would include additional incentives alongside Pershing Square USA stock, after Ackman last month withdrew the IPO of his new US investment fund following weak demand.
/jlne.ws/3TcFH3N
Most-Hated Credit Trade Turns Into a Big Winner for Hedge Funds
Jill R Shah, Sridhar Natarajan, and Reshmi Basu - Bloomberg
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Bosses Are Finding Ways to Pay Workers Less; After a tumble in pay for white-collar job openings, wages for new hires in many blue-collar sectors are now falling
Ray A. Smith, Chip Cutter - The Wall Street Journal
Bosses are quietly trying to reset worker pay levels, saying the era of overpaying for talent is over. Pay for many white-collar recruits shrank last year, and now wages for new hires in construction, manufacturing, food and other blue-collar sectors appear to be ebbing too, according to an analysis of millions of jobs posted on ZipRecruiter.com. Job seekers report seeing roles that once offered salaries between $175,000 and $200,000 a year ago now being advertised for tens of thousands of dollars less, a change that has had them rethinking their pay expectations. Companies are also moving job openings to lower-cost cities or offering them as lower-paying contractor roles, recruiters and corporate advisers say.
/jlne.ws/4dDXPvR
The American Dream Feels Out of Reach for Most; A Wall Street Journal poll shows people want a home, a family and a comfortable retirement, but say those goals are tough to achieve even with hard work
Rachel Wolfe - The Wall Street Journal
Americans overwhelmingly desire all the traditional trappings of the American dream-owning a home, having a family, and looking forward to a comfortable retirement. But very few believe they can easily achieve it. A July Wall Street Journal/NORC poll of 1,502 U.S. adults shows a stark gap between people's wishes and their expectations. The trend was consistent across gender and party lines, but held more true for younger generations, who have been priced out of homeownership and saddled with high interest rates and student debt. While 89% of respondents said owning a home is either essential or important to their vision of the future, only 10% said homeownership is easy or somewhat easy to achieve. Financial security and a comfortable retirement were similarly labeled as essential or important by 96% and 95% of people, respectively, but rated as easy or somewhat easy to pull off by only 9% and 8%.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | He Got a New Heart. Now This 34-Year-Old Is Fighting to Fix the Transplant System.; Venture capitalist Tristan Mace wants to improve the way organs are donated and how recipients fare
Betsy McKay - The Wall Street Journal
Tristan Mace thought he had pneumonia when he walked into an emergency room in Kansas City on a wintry Friday evening. It felt like someone was sitting on his chest. The healthy young venture capitalist and tech entrepreneur thought he would get a workup, some medicine and be on his way. His pregnant wife waited in the car. But within 20 minutes, Mace was on a ventilator, fighting for his life. His heart was failing. His lungs, liver and kidneys, deprived of blood, were shutting down. Mace needed a heart transplant. His desperate condition catapulted him to the top of the transplant list, and he got a new heart in just over two days.
/jlne.ws/3Mw8fRX
The Covid-era tech that could reinvent cancer care; Pandemic winners BioNTech and Moderna face hurdles as they seek to bring their groundbreaking technology to oncology
Ian Johnston and Oliver Barnes - Financial Times
Steve Haycock had most of his colon removed last year but doctors have told the 43-year-old that his bowel cancer is highly likely to come back - unless a personalised vaccine trial pays off. The product is made by German Covid-19 jab maker BioNTech, which has identified proteins specific to mutations in his cancer cells and designed a vaccine that will prime his immune system to attack new tumours containing them.
/jlne.ws/3T6lwV2
The disappointing international response to mpox; Wealthy world must help Africa prevent a potential regional health catastrophe
The editorial board - Financial Times
As Africa's mpox epidemic gathers pace, the world has another opportunity to demonstrate collective commitment to tackling an international health crisis. The challenge is to provide effective diagnostics, vaccines and treatments to regions with poor medical infrastructure - and to do so more promptly and efficiently than during the Covid-19 pandemic and previous outbreaks of viral infection. The signs so far are not encouraging. The World Health Organization first declared mpox, previously known as monkeypox, to be a public health emergency of international concern in 2022. That outbreak, transmitted mainly by sexual contact, ebbed sufficiently for the WHO to let its emergency call lapse last year, before significant steps had been taken to develop tools to tackle the disease.
/jlne.ws/4cNDFhz
Patients on diabetes drugs less likely to develop dementia, research finds; More trials urged as part of effort to slow cognitive declines with existing medicines
Michael Peel Oliver Barnes - Financial Times
Patients who took certain drugs to combat type 2 diabetes proved less likely to develop dementia, according to research that suggests brain disorders could be tackled with therapies devised for other uses. The study of more than 200,000 people found that rates of Alzheimer's disease for those who took inhibitors for sodium-glucose cotransporter-2 (SGLT-2), to lower their blood sugar, were more than a third lower than for those on another anti-diabetes medication.
/jlne.ws/4dGP6J5
The Mpox Crisis Is Much Bigger Than Mpox
Nicaise Ndembi, Jean Kaseya, Ngashi Ngongo, Tajudeen Raji and Morenike O Folayan - The New York Times
It is not easy to witness people battling an mpox infection. Fear and stigma make it difficult for patients to seek medical attention soon after symptoms arise, which include a painful rash, fever, muscle aches and sore throat. Misinformation is spreading rapidly. Doctors and other health care workers are straining to fight not just the disease as it afflicts individual patients; they are also up against larger issues they have little control over.
/jlne.ws/4cJcUeg
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's 5% Growth Target Faces Rising Doubt as UBS Cuts Outlook
Bloomberg
China's annual growth target looks increasingly out of reach to economists, with UBS Group AG adding to a string of recent forecast cuts as consumer spending slows and President Xi Jinping's government avoids major stimulus. With economic momentum held back by a real estate downturn and tight fiscal policy, the Swiss bank now expects China's gross domestic product to expand 4.6% this year - compared with an earlier forecast of 4.9%. For 2025, UBS sees growth at 4%, down from 4.6% previously.
/jlne.ws/3XkrxjE
Foreign investors pull out of frothy Indian equity market; Year-to-date inflows of $2.6bn are below the $22bn recorded in 2023
Arjun Neil Alim in Hong Kong and Chris Kay in Mumbai - Financial Times
Foreign investors are pulling money out of India's equity market, cutting their exposure as the US interest rate cycle turns and millions of domestic savers continue to pile into richly valued stocks. Foreign institutional investors have turned net sellers of India-listed shares in August, with net outflows of more than $1bn, according to data from Bloomberg and the Securities and Exchange Board of India. Year-to-date inflows stood at $2.6bn, well below the $22bn recorded last year.
/jlne.ws/3T7e7oy
Citigroup sees 'confidence signals' in Hong Kong IPOs amid backlog, bond market optimism
South China Morning Post
Hong Kong's initial public offering (IPO) market is set to revive amid growing signs of recovery, including investor confidence embedded in the convertible bond market and a large pool of listing candidates in the pipeline, according to global top arranger Citigroup. Those signs include a rebound in the US IPO market, stability in China's macroeconomic data, optimism in the equity-linked bond market and a narrowing of valuation expectations between buyers and sellers, said James Fleming, London-based global co-head of equity capital markets.
/jlne.ws/3XnvqUW
Shenzhen and Dubai pledge to increase cross-border ETF investing; Memorandum of understanding is latest evidence of growing financial ties between China and Middle East
Peter Ortiz, Ignites Asia - Financial Times
The Shenzhen Stock Exchange and Dubai Financial Market have signed a memorandum of understanding to promote cross-border investing in China and the United Arab Emirates, including in the area of exchange traded funds. The cities' exchanges will also collaborate on dual-listings, shared displays of indices and fixed-income offerings, and helping investors tap the secondary markets of both nations, according to their announcement.
/jlne.ws/3X7UCgG
China's squeeze on the aspiring classes will have an economic cost; Beijing needs to adopt more ambitious measures to improve consumption
Diana Choyleva - Financial Times
My friend Wang seems to have it all. A finance professional in shiny Shanghai, Wang has earned his success. He was the first of his farming family to go to college; then the first to go abroad to study and work in the UK. China kept calling - his parents were broody for grandchildren - so Wang headed home to a lucrative job in the country's sprawling financial sector.
/jlne.ws/3yUhBUH
Swiss banker says super-rich tax proposal is 'nuclear bomb' for Switzerland
Reuters
/jlne.ws/3T85v0O
Cash-Starved Angola Pays Local Suppliers With Treasury Bills
Candido Mendes - Bloomberg
/jlne.ws/3MqEZfC
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